Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. (referred to as "Qinheng Micro") has made progress in its A-share IPO application, entering the inquiry stage, supported by steady revenue and profit growth during the reporting period [1][4]. Group 1: Financial Performance - Qinheng Micro's revenue and net profit have shown consistent growth from 2022 to 2024, with revenues of approximately 238 million yuan, 308 million yuan, and 397 million yuan, and corresponding net profits of approximately 59.1 million yuan, 72.4 million yuan, and 104 million yuan [4]. - The company's gross profit margins for its main business were 63.32%, 58.82%, and 57.51% from 2022 to 2024, indicating a gradual decline due to changes in product sales structure [5]. Group 2: Customer Base and Market Position - Qinheng Micro has a relatively low customer concentration, with sales to its top five customers accounting for 10.28%, 15.05%, and 14.15% of total revenue from 2022 to 2024, respectively [4]. - The company focuses on the long-tail market in industrial and automotive sectors, which allows for a diverse customer base and mitigates the impact of cyclical fluctuations in specific industries [5]. Group 3: Research and Development - The company's R&D expenses were 60.9 million yuan, 67.7 million yuan, and 76.2 million yuan from 2022 to 2024, representing 25.54%, 22.01%, and 19.2% of revenue, respectively, indicating a decrease in R&D expense ratio due to faster revenue growth [6]. - Qinheng Micro plans to raise approximately 932 million yuan through its IPO to invest in various chip development projects, which is expected to significantly increase R&D spending in the future [6]. Group 4: Ownership and Governance - The controlling shareholder, Wang Chunhua, holds over 90% of the voting rights, with Qinheng directly owning 56.04% and Wang holding 28.46%, leading to potential concerns about governance and decision-making power [7]. - Despite the high concentration of control, the company claims to have established a governance structure that ensures checks and balances among its board and committees, aiming to mitigate risks associated with concentrated ownership [7].

Core Insights - The article celebrates the 6th anniversary of the Sci-Tech Innovation Board (STAR Market) and provides statistics on the number of listed companies and their IPO intermediaries [1] Group 1: IPO Statistics - As of now, there are 589 listed companies on the STAR Market, with the number of IPOs per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1] - The intermediaries involved in these IPOs include 53 securities firms, 67 law firms, and 29 accounting firms [1] Group 2: Top IPO Sponsors - The most active IPO sponsor representative is Zhao Liang from CITIC Securities, with 6 projects [2] - Wang Bin, also from CITIC Securities, follows with 5 projects, while 47 other representatives have completed 3 or more projects [2][3] Group 3: Top Lawyers - The leading IPO lawyer is Wang Li from Shanghai Jintiancheng, with 11 projects, followed by Shen Cheng from the same firm with 10 projects, and Shi Tiejun from Beijing Junhe with 8 projects [5] Group 4: Top Accountants - The top IPO accountant is Wang Qiang from Tianjian, with 8 projects, followed by Zhang Songbai and Wang Na from Lixin, with 7 and 6 projects respectively [6]

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has restarted its IPO process and submitted its application to the Shanghai Stock Exchange, marking its third attempt to go public after previous failures due to various issues. The company aims to raise 2.446 billion yuan for R&D, expansion, and working capital, with a significant portion allocated for production expansion despite rising inventory levels and declining turnover rates [1][2][3]. Financial Performance - Future Materials has experienced fluctuating financial performance, with revenues increasing initially but then declining. For the years 2022 to 2024, the company reported revenues of 524 million yuan, 721 million yuan, and 640 million yuan, respectively, with net profits of 143 million yuan, 230 million yuan, and 165 million yuan. The revenue for 2024 is projected to decrease by 11.23%, and net profit is expected to drop by 28.26% [2][3][4]. Product Pricing and Market Pressure - The company faces market price pressures for several products, particularly the perfluorinated proton exchange membrane, which saw its price drop from 909.68 yuan per square meter in 2022 to 655.41 yuan in 2024, a decrease of 27.95%. The overall revenue contribution from high-performance fluorinated functional membranes has also declined from 93.99% in 2022 to 60.20% in 2024 [4][5][6]. Key Customer Relationships - Future Materials has established a significant partnership with Dalian Rongke, a leading vanadium flow battery company, which has become its largest customer, contributing 66.45% of the sales revenue from perfluorinated proton exchange membranes in 2024. This relationship is crucial for maintaining stable order sources amid declining overall revenue [6][7][8]. Inventory and Production Capacity - The company has a production capacity of 625,000 square meters for perfluorinated proton exchange membranes, with a utilization rate of 45.25% and a sales-to-production ratio of 84.98%. Future Materials plans to invest 559 million yuan in expanding its production capacity significantly [11][12]. Related Party Transactions - Future Materials has frequent related party transactions, with significant sales and purchases involving its major customer and supplier, Dongyue Fluorosilicon Technology Group. The company has taken steps to reduce the scale of these transactions by engaging third-party suppliers [14][16][17]. Control and Ownership Structure - The ownership structure of Future Materials is complex, with control shifting among shareholders over the years. As of now, Zhang Jianhong is the controlling shareholder, holding the highest voting rights, while the previous controlling parties have seen their influence diminish due to financial difficulties and restructuring [20][22][24].

Core Viewpoint - Hengrun Dazheng, a biotech company focused on immune cell therapy, is attempting to go public on the Sci-Tech Innovation Board despite being unprofitable and facing significant financial losses. The company has not yet commercialized any products and is at risk of delisting if it fails to meet financial performance criteria post-IPO [1][2][5]. Financial Performance - Hengrun Dazheng has reported substantial losses over the past three years, with net losses of CNY 274 million, CNY 283 million, and CNY 188 million from 2022 to 2024. As of the end of 2024, the cumulative undistributed profits stand at -CNY 904 million [2][3]. - The company has incurred high R&D expenses, amounting to CNY 242 million, CNY 256 million, and CNY 152 million from 2022 to 2024, contributing to its financial losses [3]. - Cash flow from operating activities has been negative, with net cash flows of -CNY 209 million, -CNY 226 million, and -CNY 141 million during the same period, leading to a significant reduction in liquid assets [3]. Liquidity and Solvency - Hengrun Dazheng's liquidity ratios, including current and quick ratios, have been declining, indicating insufficient debt repayment capacity. The debt-to-asset ratio has increased significantly, reaching 84.76% by the end of 2024, which is considerably higher than the average of comparable companies [3][4]. Product Development and Market Position - The company is developing a pipeline of 11 projects, including CAR-T and CAR-NK therapies, with the most advanced products HR001 and HR003 expected to enter the market by 2025. However, these products face competition from at least six already approved CAR-T therapies in China [7][8]. - The efficacy and safety of Hengrun Dazheng's core products have been questioned, with HR001 showing an overall response rate (ORR) of 68%, which is lower than competitors, and HR003 showing an ORR of 86%, also below market standards [9][10]. IPO and Valuation - Hengrun Dazheng plans to issue up to 50 million shares, aiming to raise CNY 2.539 billion for R&D and operational expenses. The estimated post-IPO valuation exceeds CNY 10 billion, which is considered high given the competitive landscape and the company's current lack of revenue [11].

Core Viewpoint - Yushu Technology is gaining significant attention regarding its potential IPO, with speculation about its listing location, primarily focusing on the Sci-Tech Innovation Board (STAR Market) in China [1][2][4]. Group 1: Company Overview - Yushu Technology is recognized as a leading humanoid robotics company in China, with increasing visibility through various public events and media coverage [2]. - The company has completed its shareholding reform, changing its name to "Hangzhou Yushu Technology Co., Ltd." which is seen as a precursor to the IPO process [4]. - Yushu Technology has reportedly achieved profitability for five consecutive years, with revenues exceeding 1 billion yuan [10][11]. Group 2: IPO Speculation - There is ongoing speculation about whether Yushu Technology will choose to list on the A-share market or the Hong Kong stock market, with A-shares being viewed as a more favorable environment for tech companies [5][9]. - The company has completed a Series C financing round, attracting investments from major players like Tencent, Alibaba, and Geely Capital, indicating strong investor interest [4][10]. - The current IPO environment for A-shares has slowed down, while many tech companies are opting for listings in Hong Kong, leading to discussions about Yushu Technology's potential listing strategy [4][5]. Group 3: Market Context - The STAR Market has recently undergone reforms aimed at attracting high-tech companies, which may benefit Yushu Technology if it decides to pursue this route [10][11]. - Investors believe that Yushu Technology's unique positioning in the humanoid robotics sector aligns well with the STAR Market's focus on hard technology [10][11]. - The timeline for Yushu Technology's IPO could be influenced by the completion of necessary preparatory work, with a potential listing by the end of 2025 if the process is expedited [5][11].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has been accepted for IPO on the Sci-Tech Innovation Board, focusing on the research, design, and sales of optical communication front-end transceiver chips, positioning itself as a "national manufacturing single champion" in the optical communication field [2]. Financial Performance - The company reported total assets of 8.174 billion yuan for 2024, up from 5.874 billion yuan in 2023 and 4.228 billion yuan in 2022 [3]. - The net profit for 2024 is projected at 778.664 million yuan, an increase from 720.835 million yuan in 2023, but a decrease from 813.984 million yuan in 2022 [3]. - Operating revenue is expected to rise to 4.105 billion yuan in 2024, compared to 3.131 billion yuan in 2023 and 3.390 billion yuan in 2022 [3]. - The company's debt-to-asset ratio is projected to decrease to 10.99% in 2024 from 13.64% in 2023 and 21.09% in 2022 [3]. - R&D investment as a percentage of operating revenue is 19.10% for 2024, slightly down from 21.09% in 2023 and 21.14% in 2022 [3]. Shareholding Structure - The shareholding structure is relatively dispersed, with no single shareholder holding more than 30% of voting rights, indicating no controlling shareholder [5]. - The actual controllers of the company are Ke Binglan and Ke Tenglong, who collectively control 27.13% of the voting rights [5]. Management Team - Ke Binglan, the chairman and general manager, has a long history in various managerial roles and has been with the company since its inception [6]. - Ke Tenglong, the general manager, has been with the company since 2014 and has held several key positions leading up to his current role [7]. - The combined salary for Ke Binglan and Ke Tenglong in 2024 is projected to be 2.7898 million yuan [8].

Core Viewpoint - Aydian Technology has officially initiated its IPO process on the Sci-Tech Innovation Board, with Huatai United Securities as the sponsor, marking its entry into the A-share market [1]. Company Overview - Full Company Name: Jiangsu Aydian Technology Co., Ltd. [2] - Company Abbreviation: Aydian Technology [2] - Review Status: Accepted [2] - Sponsor Institution: Huatai United Securities Co., Ltd. [2] - Accounting Firm: Zhonghui Certified Public Accountants (Special General Partnership) [2] - Law Firm: Guohao Law Firm (Nanjing) [2] - Evaluation Institution: Tianyuan Asset Appraisal Co., Ltd. [2] - Aydian Technology is a leading supplier of wet cleaning equipment in China, primarily engaged in the R&D, production, and sales of wet cleaning equipment for silicon-based semiconductors, compound semiconductors, and photovoltaic fields [2]. Financial Performance - Projected revenues for 2022, 2023, and 2024 are 121 million, 442 million, and 580 million yuan respectively [2]. - The company reported a net loss in 2022 but is expected to turn a profit starting in 2023 [2]. - Total assets for 2024 are projected at 906.44 million yuan, with equity attributable to shareholders at 516.70 million yuan [3]. - The company's debt-to-asset ratio is expected to decrease from 53.3% in 2023 to 43.0% in 2024 [3]. - Net profit for 2024 is projected at 85.12 million yuan, a significant increase from 10.36 million yuan in 2023 [3]. - Basic and diluted earnings per share are expected to rise to 1.01 yuan in 2024 from 0.1 yuan in 2023 [3]. - The company's R&D expenditure as a percentage of revenue is projected to decrease from 10.0% in 2023 to 7.64% in 2024 [3]. R&D and Operational Insights - Aydian Technology's R&D expenses were 57.37 million, 44.29 million, and 44.33 million yuan for 2022, 2023, and 2024 respectively, with a notable decrease in the proportion of direct investment in R&D [5][6]. - Employee compensation accounted for 67.96% of R&D expenses in 2024, indicating a shift towards higher personnel costs [7]. - The company has faced challenges with high customer concentration, with the top five customers accounting for 74.80% to 76.59% of revenue during the reporting periods [4]. - Accounts receivable have increased significantly, with balances of 38.45 million, 125 million, and 164 million yuan at the end of each reporting period [4]. Industry Context - Aydian Technology's operational performance is closely tied to the capital expenditures of its downstream customers in the semiconductor and photovoltaic sectors [4]. - The company has experienced fluctuations in its expense ratios compared to industry peers, with a trend towards alignment with average industry levels as business scales up [8][9].

Group 1 - The core point of the article is that Wuhan Heyuan Biotechnology Co., Ltd. is set to have its IPO application reviewed by the Shanghai Stock Exchange on July 1, under the fifth set of standards for the Sci-Tech Innovation Board [1] Group 2 - The listing review committee of the Shanghai Stock Exchange has announced the upcoming meeting to assess Heyuan Biotechnology's IPO application [1] - Heyuan Biotechnology plans to adopt the fifth set of standards for its listing on the Sci-Tech Innovation Board [1]

Group 1 - Shanghai ChaoSilicon Semiconductor Co., Ltd. has submitted its IPO application to the Sci-Tech Innovation Board, marking another unprofitable company attempting to go public [1] - The main products of Shanghai ChaoSilicon include 300mm and 200mm semiconductor silicon wafers, with a focus on P-type silicon wafers and a small amount of N-type silicon wafers [1] - The company reported revenues of approximately 921 million yuan, 928 million yuan, and 1.327 billion yuan for the years 2022 to 2024, with corresponding net losses of approximately -803 million yuan, -1.044 billion yuan, and -1.299 billion yuan, indicating a cumulative net loss of about 3.146 billion yuan over the three years [1] Group 2 - As of the end of the reporting periods, Shanghai ChaoSilicon's consolidated asset-liability ratios were 40.27%, 55.39%, and 52.33%, with current ratios of 3.37, 1, and 0.98 [2] - The company plans to raise approximately 4.965 billion yuan through the IPO, which will be used for expanding production capacity of 300mm thin-layer silicon epitaxial wafers, high-end semiconductor silicon material R&D projects, and to supplement working capital [2] - The actual controller of the company, Chen Meng, holds 3.12% of the voting rights directly and controls 51.64% of the voting rights in total through other entities [2]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the IPO review process for Jiangsu Jinzhi Education Information Co., Ltd. due to the withdrawal of its listing application by the company and its sponsor [1] Company Overview - Jiangsu Jinzhi Education was established in 2008 and primarily provides software development, SaaS services, operation and maintenance services, and system integration for higher education institutions and vocational schools [2] - The company planned to raise 577 million yuan through its IPO to invest in various projects, including a hybrid cloud-based smart campus platform and an integrated intelligent teaching cloud platform [4][6] Financial Performance - The company's revenue for the years 2020, 2021, 2022, and the first half of 2023 was 475.31 million yuan, 491.65 million yuan, 454.95 million yuan, and 106.81 million yuan, respectively. The net profit for the same periods was 73.32 million yuan, 78.93 million yuan, 77.55 million yuan, and a loss of 27.77 million yuan [4] - The direct sales revenue as a percentage of total revenue has been declining, with figures of 82.47%, 77.75%, and 74.88% over the reported years [7] Investment Projects - The total investment for the planned projects is 577 million yuan, with specific allocations for: - Hybrid cloud-based smart campus platform: 158.54 million yuan - Integrated intelligent teaching cloud platform: 162.14 million yuan - Marketing service network and business middle platform: 76.32 million yuan - Product R&D and technology upgrade fund: 180 million yuan [6] Shareholding Structure - The controlling shareholders are Guo Chao and Shi Mingjie, holding 24.09% and 16.06% of the shares directly, and an additional 10.94% indirectly through Nanjing Mingde, totaling 51.09% voting rights [6] Regulatory History - The company had previously submitted an IPO application for the Sci-Tech Innovation Board in 2020, which was accepted but later withdrawn in early 2022 [9]